Slate Property Group borrows $11M from Signature Bank for multifamily property in East Village

Martin Nussbaum’s Slate Property Group through the entity 244-246 East 7th Street Investors LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.1 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 24 residential units at 246 East 7th Street in East Village. The deal closed on February 4, 2020 and was recorded on February 21, 2020.
The property contains a total of 16,776 square feet of built space.
The average loan per unit is $462,500.
The last time the property sold was June 21, 2017, when Slate bought it for $11,900,000. At that time, Slate took out a $7.2 million acquisition loan, a $2 million building loan and a $319,700 project loan from M&T Bank. That debt was assigned to Signature Bank along with a $1.7 million in a gap loan.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,287,450.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link